Bill Text: NY A01714 | 2019-2020 | General Assembly | Introduced


Bill Title: Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced) 2019-01-16 - referred to judiciary [A01714 Detail]

Download: New_York-2019-A01714-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          1714
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 16, 2019
                                       ___________
        Introduced by M. of A. HAWLEY, KOLB, CROUCH, MONTESANO, DiPIETRO, BRABE-
          NEC, ASHBY -- read once and referred to the Committee on Judiciary
        AN  ACT  to amend the public authorities law, in relation to authorizing
          the state of New York mortgage agency to purchase  veterans'  assisted
          forward commitment mortgages from banks within the state
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The public authorities law  is  amended  by  adding  a  new
     2  section 2405-g to read as follows:
     3    § 2405-g. Purchase of veterans' assisted forward commitment mortgages.
     4  (1)  In  accordance  with the authority set forth in section twenty-four
     5  hundred five-b of this part, the agency may purchase veterans'  assisted
     6  forward  commitment  mortgages  from  banks at such prices and upon such
     7  terms and conditions as it shall determine. In conducting its program of
     8  purchasing veterans' assisted forward commitment mortgages,  the  agency
     9  shall  be  governed  by section twenty-four hundred five-b of this part.
    10  The board of directors of the agency shall establish from time  to  time
    11  maximum  income  limits  of  persons eligible to receive such mortgages,
    12  which income limits shall not exceed the latest  maximum  income  limits
    13  permitted under the internal revenue code of 1986, as amended, for mort-
    14  gages financed by mortgage revenue bonds.
    15    (2)  For  purposes  of this section the following terms shall have the
    16  following meanings:
    17    "Veteran" means a person who served in the active military, naval,  or
    18  air  service during a time of war as defined below, or who was a recipi-
    19  ent of the armed forces expeditionary medal, navy  expeditionary  medal,
    20  marine corps expeditionary medal, or global war on terrorism expedition-
    21  ary  medal, and who was discharged or released therefrom under honorable
    22  conditions.
    23    "Service during a time of war" means: (a) the individual  in  question
    24  was a recipient of the armed forces expeditionary medal, the navy exped-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02085-01-9

        A. 1714                             2
     1  itionary medal or the marine corps expeditionary medal for participation
     2  in  operations in Lebanon from June first, nineteen hundred eighty-three
     3  to December first, nineteen hundred eighty-seven, in Grenada from  Octo-
     4  ber  twenty-third,  nineteen  hundred  eighty-three  to November twenty-
     5  first, nineteen hundred eighty-three, or in Panama from December twenti-
     6  eth, nineteen hundred  eighty-nine  to  January  thirty-first,  nineteen
     7  hundred ninety; or
     8    (b)  the  individual  served on active duty for ninety days or more in
     9  the armed forces of the United States during any one  of  the  following
    10  wars or hostilities:
    11    (i)  in  the  Spanish-American war from the twenty-first day of April,
    12  eighteen hundred ninety-eight to the eleventh  day  of  April,  eighteen
    13  hundred ninety-nine, inclusive;
    14    (ii)  in  the  Philippine  insurrection or the China relief expedition
    15  from the eleventh day of April,  eighteen  hundred  ninety-nine  to  the
    16  fourth day of July, nineteen hundred two, inclusive;
    17    (iii)  in the Mexican border campaign from the ninth day of May, nine-
    18  teen hundred sixteen, to the fifth day of April, nineteen hundred seven-
    19  teen, inclusive;
    20    (iv) in World War I from the sixth  day  of  April,  nineteen  hundred
    21  seventeen  to  the  eleventh day of November, nineteen hundred eighteen,
    22  inclusive;
    23    (v) in World War II from the seventh day of December, nineteen hundred
    24  forty-one to the thirty-first day of December, nineteen  hundred  forty-
    25  six, inclusive;
    26    (vi)  in  the  Korean hostilities from the twenty-seventh day of June,
    27  nineteen hundred fifty to the  thirty-first  day  of  January,  nineteen
    28  hundred fifty-five, inclusive;
    29    (vii)  in the Vietnam conflict from the twenty-second day of December,
    30  nineteen hundred sixty-one to the seventh day of May,  nineteen  hundred
    31  seventy-five;
    32    (viii)  in  the  Persian  Gulf conflict from the second day of August,
    33  nineteen hundred ninety to the end of such conflict.
    34    (3) For any veterans' assisted forward commitment mortgage, the  maxi-
    35  mum  loan-to-value  ratio  shall  be established by the agency, provided
    36  that such loan shall not exceed ninety-nine  percent  of  the  appraised
    37  value of the mortgaged premises.
    38    §  2.  This  act shall take effect on the ninetieth day after it shall
    39  have become a law.
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